There has been lots of buzz about Cervélo's new P5 time trial bike. Much of the buzz is about the hydraulic brakes and how brake caliper is integrated inside an aerodynamic shroud (on the tri-specific version of its new P5).
Back in 2009 I wrote about Cicli Paletti's "Integrated Brake System" and published these photographs:
Paletti also had a rear brake shroud but it was not nearly as elegant as the front brake implementation, see here.
Expect to see the new Cervélo P5 in the Tour de France under the Garmin-Barracuda team.
Photo: Cervélo: Tom Ballard / Future Publishing